Updates, advisories and surprises

(5:12 PM ET) SAN FRANCISCO (MarketWatch) -- Murphy Oil Corp.
MUR, +0.27%
reported late Wednesday fourth-quarter net income rose to $318.8 million, or $1.65 a share, from $127.4 million, or 67 cents a share, a year ago. The latest quarter includes a one-time $185.3 million tax benefit tied to a ruling on U.S. production royalties. Revenue for the three months ended Dec. 31 rose to $5.87 billion from $4.41 billion. Analysts polled by FactSet Research had predicted the El Dorado, Ark.-based company would earn 81 cents a share on $3.14 billion in revenue. Murphy Oil shares closed ahead of the report with a 25-cent loss at $51.87.

Noble Corp. posts 6% higher profit

(4:51 PM ET) SAN FRANCISCO (MarketWatch) -- Offshore drilling rig contractor Noble Corp.
NE, +7.45%
reported late Wednesday fourth-quarter net income rose to $446.4 million, or $1.72 a share, from $418.6 million, or $1.58 a share, a year ago. Revenue for the three months ended Dec. 31 rose to $940.1 million from $910.2 million a year ago. Analysts polled by FactSet Research had forecast the company would earn $1.56 a share on $890 million in revenue. Shares of Noble rose 3 cents to close at $42.19 ahead of the report. The stock is up 55% over the past 12 months, matching the advance by the Philadelphia Oil Service Sector Index
OSX, +0.73%
over the same period. Noble is incorporated in Switzerland but maintains its executive offices in Sugar Land, Texas.

BMC gains $110.7 mln profit in third-quarter

(4:51 PM ET) SAN FRANCISCO (MarketWatch)-BMC Software
BMC, -85.86%
late Wednesday reported its fiscal third-quarter net income rose to $110.7 million, or 59 cents a share, from a gain of $83.8 million, or 44 cents a share, in the same period last year. Excluding one-time items, the company would have reported earnings of 76 cents a share in the latest quarter. Revenue increased to $508.1 million from $488.4 million last year. Analysts surveyed by FactSet Research estimated a profit of 55 cents a share on revenue of $492.5 million for the software company. BMC expects adjusted full-year earnings of $2.64 to $2.72 a share.

Citrix reports higher quarterly profit

(4:22 PM ET) SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc.
CTXS, -0.31%
late Wednesday reported its fourth-quarter net income rose to $88.1 million, or 47 cents a share, from $60.1 million, or 33 cents a share, in the same period last year. Excluding special items, the business technology infrastructure provider would have earned 66 cents a share in the latest quarter. Revenue increased to $451.2 million from $415.7 million. Analysts surveyed by FactSet Research had forecast Citrix to hand in earnings of 52 cents a share on revenue of $432.1 million.

Netflix profit jumps 36%

(4:17 PM ET) CHICAGO (MarketWatch) -- Online DVD rental pioneer Netflix Inc.
NFLX, -0.67%
said Wednesday that its fourth-quarter profit rose 36% as it posted a sharp increase in subscribers and reduced subscriber-acquisition costs. Netflix said it earned $31 million, or 56 cents a share, compared with a profit of $22.7 million, or 38 cents a share, in the year-ago period. Excluding stock-based compensation, Netflix said it would have earned $32.7 million, or 59 cents a share, in the latest three months. Revenue rose 24% to $444.5 million. Analysts polled by FactSet Research were expecting a profit of 49 cents a share, excluding stock-based compensation, on revenue of $446 million. (Corrects day of the week.)

Qualcomm earnings jump in first fiscal quarter

(4:16 PM ET) SAN FRANCISCO (MarketWatch) -- Qualcomm Inc. reported a sharp jump in earnings for its first fiscal quarter Wednesday afternoon. For the period ended Dec. 27, Qualcomm
QCOM, -0.34%
reported net income of $841 million, or 50 cents per share, compared to earnings of $341 million, or 20 cents a share, for the same period last year. On a pro-forma basis, the company said it would have earned $1.04 billion, or 62 cents a share, for the recent period. Revenue grew 6% to $2.67 billion. Analysts were expecting earnings of 56 cents a share on revenue of $2.7 billion, according to consensus estimates from Thomson Reuters.

E-Trade reports quarterly net loss of $67 mln

(4:13 PM ET) SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp.
ETFC, +0.31%
reported a fourth-quarter net loss of $67 million, or 4 cents a share, late Wednesday. That compares to a net loss of $276 million, or 50 cents a share, in the same period a year earlier. E-Trade was expected to lose 4 cents a share, according to the average estimate of 15 analysts in a Thomson Reuters survey. Total net revenue came in at $523 million in the latest quarter. E-Trade set aside $292 million to cover potential loan losses in the period. E-Trade shares fell 1.2% to $1.63 during after-hours trading on Wednesday.

Norfolk Southern profit hit by lower coal demand

(4:08 PM ET) SAN FRANCISCO (MarketWatch) -- Norfolk Southern
NSC, -0.29%
on Wednesday reported a fourth-quarter profit of $307 million, or 82 cents a share, down from $452 million, or $1.21 a share, a year ago. Revenue at the railroad fell to $2.1 billion from $2.5 billion, with coal revenue off 27% to $580 million. Analysts polled by FactSet Research were looking for earnings, on average, of 85 cents a share with sales of $2.12 billion.

Energy stocks maintain losses after Fed comments

(2:23 PM ET) NEW YORK (MarketWatch) -- Energy stocks initially moved a bit more deeply into the red Wednesday but then regained their footing in the negative column after the U.S. Federal Open Market Committee left interest rates unchanged. The committee was not unanimous in its decision, however. The NYSE Arca Oil Index
XOI, +0.26%
fell 1.1% to 1,032. The NYSE Arca Natural Gas Index
XNG, +0.88%
dropped 2.2% to 530. The Philadelphia Oil Service Index
OSX, +0.73%
subtracted 1.6% to 197.

BB&T upgraded by Rochdale's Bove

(10:49 AM ET) SAN FRANCISCO (MarketWatch) -- BB&T Corp.
BBT, -0.39%
was upgraded to buy from neutral by Rochdale Research analyst Dick Bove Wednesday. The analyst also lifted his price target on the stock to $32 from $24 and increased earnings estimates for the bank. If loan losses peak soon, BB&T won't have to set aside such big reserves, which will boost earnings, the analyst explained in a note to investors. "The company's loan loss provision, which was $448 million in 2007, $1.4 billion in 2008, and $2.8 billion in 2009, starts to drop," Bove said. "It is estimated to be $2.5 billion in 2010, $2.3 billion in 2011, and $1.9 billion in 2012." BB&T shares gained 3.2% to $27.65 in morning trading Wednesday.

(9:45 AM ET) BOSTON (MarketWatch) -- Drug stocks were split in early action Wednesday as shares of biotech group Gilead Sciences
GILD, +0.98%
gained in the wake of a better-than-expected earnings report. The NYSE Arca Pharmaceutical Index
$DRG
was down 0.4% at 309.80 while the Amex NYSE Biotechnology Index
$BTK
rose 0.5% to 954.55. Shares of Gilead were up over 6% at $47.62.

Abbott Labs posts fourth-quarter profit

(8:53 AM ET) BOSTON (MarketWatch) -- Abbott Laboratories
ABT, +0.72%
early Wednesday reported that its fourth-quarter profit for 2009 was largely flat with that of the previous year. Before the market open, Abbott posted net income of $1.536 billion, or 98 cents a share, compared with $1.536 billion, or 98 cents a share, for the same period in 2008. The medical products conglomerate also posted earnings per share from continuing operations of 98 cents, compared to 89 cents a share. Excluding various accounting items, Abbott would have reported adjusted earnings from continuing operations of $1.18 vs. $1.06. Sales rose 10.6% to $8.79 billion. A poll of analysts by FactSet Research estimated Abbott would report earnings of $1.17 a share, on revenue of $8.59 billion. Abbott added that it now sees adjusted earnings per share for 2010 coming in between $4.20 and $4.25. (Corrects to include net income figures.)

ConocoPhillips swings to profit

(8:42 AM ET) NEW YORK (MarketWatch) -- ConocoPhillips
COP, +0.78%
said Wednesday that fourth-quarter earnings were $1.2 billion, or 81 cents a share, compared to a loss of $31.8 billion, or $21.37 a share, in the same period a year ago. Adjusted earnings were $1.7 billion, or $1.16 a share, compared to $1.9 billion, or $1.28 a share. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.12.

Illinois Tool sees 2010 net $2.43-$2.93 a share

(8:41 AM ET) NEW YORK (MarketWatch) -- Illinois Tool Works Inc.,
ITW, -0.80%
the Glenview, Ill., industrial manufacturer, estimates first-quarter profit from continuing operations at 48 cents to 60 cents a share. Revenue should grow 14% to 18% for the quarter, ITW estimated. For the year, continuing operations should generate profit of $2.43 to $2.93 a share as revenue rises 10% to 14%. A survey of analysts by FactSet Research produced consensus estimates of 55 cents, or an adjusted 63 cents, for the quarter. For all of 2010, the survey calls $2.73, or an adjusted $2.76.

Illinois Tool 4th-quarter net doubled, revenue off

(8:31 AM ET) NEW YORK (MarketWatch) -- Illinois Tool Works Inc.,
ITW, -0.80%
the Glenview, Ill., industrial manufacturer, reported fourth-quarter net income more than doubled on 5% lower revenue. Net reached $507.4 million, or $1.01 a share, from $233.8 million, or 46 cents, in the year-earlier period. Continuing operations generated 98 cents a share of profit against 59 cents. Tax adjustments produced adjusted profit of 61 cents in the latest period. Shares outstanding fell 1% to 504.9 million. Revenue fell to $3.76 billion from $3.95 billion. A survey of analysts by FactSet Research produced consensus estimates of adjusted profit of 74 cents on revenue of $3.76 billion.

Valero posts narrower loss, slashes dividend

(8:21 AM ET) BOSTON (MarketWatch) -- Valero Energy Corp.
VLO, -0.72%
said Wednesday that it narrowed its fourth-quarter loss to $1.41 billion, or $2.51 a share, compared to $3.28 billion, or $6.36 a share, in the year-earlier period. The San Antonio, Texas-based independent refiner's loss from continuing operations was 32 cents a share in the latest period, or 28 cents excluding items. On average, analysts polled by FactSet Research were expecting a loss of 45 cents a share. "Economic growth will help demand recover in 2010, but we also expect new refining capacity to come online in the U.S. and around the world," said Bill Klesse, Valero's chairman and chief executive. "Therefore, 2010 is expected to be another challenging year for the industry while refiners close marginal capacity and wait for demand growth to work down spare capacity." In a separate release, the company also said it was cutting its regular quarterly cash dividend to 5 cents a share from 15 cents a share, citing "difficult industry conditions and resultant impact on the company's profitability." (Corrects quarterly loss from continuing operations.)

Piper Jaffray reports fourth-quarter profit

(8:16 AM ET) NEW YORK (MarketWatch) -- Piper Jaffray Cos.
PJC, -1.63%
said Wednesday its fourth-quarter profit rose to $12.3 million, or 63 cents a share, from a loss of $153 million, or $9.78 a share, in the year-ago period. Net revenues were $133 million, up from $59.5 million in the fourth quarter of 2008. The Minneapolis-based financial services company said net income applicable to its common shareholders was $10 million in the latest quarter. Analysts surveyed by FactSet Research had expected, on average, profit of 52 cents a share on revenue of $125 million.

General Dynamics 4th-quarter net and revenue flat

(7:58 AM ET) NEW YORK (MarketWatch) -- General Dynamics Corp.,
GD, +0.72%
the Falls Church, Va., defense contractor, reported fourth-quarter net income and revenue about flat with the year-earlier levels. Net reached $614 million, or $1.57 a share, from $612 million, or $1.57, in the year-earlier period. Continuing operations generated profit of $1.58 a share against $1.62. Revenue reached $7.9 billion from $7.85 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.58 a share of profit on sales of $8.42 billion. The company pegged 2010 earnings at $6.40 to $6.50 a share. FactSet's call: $6.54.

St. Jude swings to profit

(7:57 AM ET) NEW YORK (MarketWatch) -- St. Jude Medical Inc.
STJ, +0.23%
said fourth-quarter earnings were $190 million, or 57 cents a share. In the same period a year ago St. Jude lost $201 million, or 58 cents a share. Adjusted fourth-quarter earnings per share were 64 cents. Sales were $1.2 billion compared to $1.13 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 66 cents.

Caterpillar profit down 65%

(7:53 AM ET) LONDON (MarketWatch) -- Construction and mining equipment group Caterpillar Inc.
CAT, -0.27%
said Wednesday that its fourth-quarter net profit fell 65% as it also forecast sales and earnings would rebound in 2010. Profit in the latest quarter fell to $232 million, or 36 cents a share, from $661 million, or $1.08 a share, a year earlier. Sales for the quarter declined 39% to $7.9 billion as the company said the environment in 2009 was the worst it had experienced since the great depression. Excluding redundancy costs, Caterpillar said it would have earned 41 cents a share in the fourth quarter. Analysts polled by FactSet had forecast earnings of 29 cents a share on revenue of $7.82 billion. The company said that for 2010 it expects sales to rise by between 10% and 25% compared to 2009 and that the mid-point of that range would correspond to earnings per share of around $2.50. The consensus forecast for 2010 currently stands at $2.66 a share.

Hess swings to $358 million profit from loss

(7:52 AM ET) NEW YORK (MarketWatch) -- Hess Corp.
HES, +0.17%
said Wednesday it swung to fourth-quarter net income of $358 million, or $1.10 a share, from a loss of $74 million, or 23 cents a share in the year-ago period. The New York firm's oil and gas production rose 9.5% to 415,000 barrels of oil equivalent a day. Total revenue rose to $8.56 billion from $7.25 billion. Analysts expected earnings of 83 cents a share and revenue of $7.47 billion, according to a survey by FactSet Research.

Southern Co. reports higher fourth-quarter profit

(7:51 AM ET) BOSTON (MarketWatch) -- Southern Co.
SO, +0.23%
Wednesday said its fourth-quarter net income rose to $250.9 million, or 31 cents a share, from $185.6 million, or 24 cents a share, in the year-ago quarter. Revenue fell about 8% to $3.51 billion, the Atlanta-based energy company said. Wall Street analysts were looking for earnings of 30 cents a share on revenue of $4.24 billion, on average, according to a Thomson Reuters poll.

Allegheny Technologies net income falls 66%

(7:45 AM ET) NEW YORK (MarketWatch) -- Allegheny Technologies Inc.
ATI, +3.04%
said Wednesday its fourth-quarter net income fell to $37.8 million, or 36 cents a share, from $110.9 million, or $1.15 a share, in the year-ago period. Sales dropped to $815.7 million from $1.1 billion. Wall Street analysts expected earnings of 20 cents a share and revenue of $772 million, according to a survey by FactSet Research. "Looking ahead, we expect to see gradual and steady improvement in most of our global markets in 2010," the company said. "We plan to continue to improve our cost structure through a 2010 target of at least $100 million of new gross cost reductions."

Stanley Works turns to profit

(7:24 AM ET) NEW YORK (MarketWatch) -- The Stanley Works
SWK, -0.59%
said Wednesday that earnings from continuing operations were $55 million, or 68 cents a share, in the fourth quarter. In the same period a year ago Stanley reported a loss per share of a penny. Sales were $969 million compared to $1.09 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 79 cents. For 2010, Stanley sees earnings per share in the range of $3.00 - $3.25.

AirTran swings to 4th-quarter profit, revenue up

(7:22 AM ET) NEW YORK (MarketWatch) -- AirTran Holdings Inc.,
AAI, +0.00%
the Orlando, Fla., parent of AirTran Airways, swung to a fourth-quarter profit from a year-earlier loss on 1.5% higher revenue. Net income was $17.1 million, or 11 cents a share, against a net loss of $121.6 million, or $1.03, in the year-earlier period. Adjusted net per share was 7 cents in the latest period. Shares outstanding climbed 43% to 168.6 million. Revenue reached $598.4 million from $589.4 million. A survey of analysts by FactSet Research produced consensus estimates of profit of 4 cents a share on revenue of $597.6 million.

Rockwell Automation net income dips 22%

(7:21 AM ET) NEW YORK (MarketWatch) -- Rockwell Automation Inc.
ROK, +0.68%
on Wednesday said first-quarter net income fell to $76.6 million, or 53 cents a share, from $118.4 million, or 83 cents a share, in the year-ago period. Earnings from continuing operations totaled 54 cents a share. Revenue at the industrial equipment maker fell to $1.07 billion from $1.19 billion. Analysts expected the Milwaukee company to earn 36 cents a share, according to a survey by FactSet Research. Rockwell expects fiscal year earnings of $2-$2.40 a share from continuing operations, ahead of the Wall Street target of $1.74 a share.

Regis swings to profit

(6:27 AM ET) LODNON (MarketWatch) -- Beauty salon operator Regis Corp.
RGS, -0.07%
said Wednesday that it swung to a fiscal second-quarter net profit of $18.2 million, or 30 cents a share, from a loss of $143.3 million, or $3.34 a share, a year earlier. Revenue for the quarter fell 2.1% to $575.4 million. Regis said that excluding an actuarial gain it would have earned 28 cents a share in the quarter. Analysts polled by FactSet had expected earnings of 26 cents a share. "Despite sales coming in lower than plan, we are very pleased with our second quarter operating results due to our continued focus on expense control initiatives and improving gross margins," said CEO Paul Finkelstein.

Tyco Electronics sees 2nd-period net 46c-51c-share

(6:27 AM ET) NEW YORK (MarketWatch) -- Tyco Electronics Ltd.,
TEL, -0.38%
the Schaffhausen, Switzerland, provider of electronic parts, network solutions and undersea telecom systems, estimated fiscal second-quarter net income at 46 cents to 51 cents a share, or an adjusted 49 cents to 54 cents. In the year-earlier period, Tyco earned an adjusted 14 cents. It pegs sales at $2.85 billion to $2.95 billion. A survey of analysts by FactSet Research produced consensus estimates of 39 cents of profit on $2.76 billion of sales.

Praxair lifts dividend as quarterly profit jumps

(6:25 AM ET) LONDON (MarketWatch) -- Industrial-gases supplier Praxair, Inc.
PX, -0.64%
on Wednesday reported a 70% jump in fourth-quarter net income to $340 million, or $1.09 a share, from the year-earlier period, when a restructuring-charge weighed on results. The results were in line with the consensus forecast of analysts polled by Factset Research. Excluding charges, adjusted net income and earnings per share rose 8% in the quarter compared to the year-earlier period. Sales were roughly flat at $2.4 billion. In the first quarter the company expects adjusted earnings in the range of $1.05 to $1.10 a share. Praxair also lifted its dividend for the quarter by 13% sequentially to 45 cents a share.

Tyco Electronics swings to 1st-quarter profit

(6:22 AM ET) NEW YORK (MarketWatch) -- Tyco Electronics Ltd.,
TEL, -0.38%
the Schaffhausen, Switzerland, provider of electronic parts, network solutions and undersea telecom systems, swung to fiscal first-quarter profit from a year-earlier loss on 6.6% higher sales. For the quarter ended Dec. 25, Tyco earned $172 million, or 37 cents a share, compared with a net loss of $37 million, or 8 cents, in the year-earlier period. The year ago included a loss from discontinued operations of 15 cents a share. Adjusted earnings were 47 cents a share against 21 cents. Net sales reached $2.89 billion from $2.71 billion. A survey of analysts by FactSet Research produced consensus estimates of 39 cents of profit on $2.79 billion of sales.

BlackRock profit surges after BGI deal

(6:17 AM ET) LONDON (MarketWatch) -- Fund manager BlackRock
BLK, -0.57%
said its fourth-quarter profit surged to $256 million, or $1.62 a share, from $52 million, or 39 cents a share, with revenue up 45% to $1.54 billion. BlackRock's results reflect the acquisition of Barclays Global Investors, continued positive business momentum, net asset growth and improvements in the external market environment. Excluding items like BGI integration costs, and it would have earned $2.39 a share. Analysts polled by FactSet expected earnings of $2.10 a share. Fourth quarter net new business totaled $82.0 billion, with strong flows across regions and client channels.

Smith International profit down 90%

(6:00 AM ET) LONDON (MarketWatch) -- Oil services company Smith International
SII, -0.78%
said Wednesday that its fourth quarter net profit dropped 90% to $20.1 million, or 9 cents a share, from $199.2 million, or 91 cents a share, a year earlier. Revenue for the quarter fell 35% to $1.98 billion. The company said the results were a sequential improvement from the third quarter, helped by increased drilling activity in the North American market as well as stable prices for the group's products and services. Analysts polled by FactSet had expected earnings of 9 cents a share on sales of $1.91 billion.

Wacker Chemie lower after revealing charges

(3:13 AM ET) LONDON (MarketWatch) -- Shares in Wacker Chemie(DE:WCH)dropped sharply in early trade as the Munich chemicals firm said it's taking a 50 million euro pension provision due to higher average life expectancies of beneficiaries and a 45 million euro provision for phased early-retirement schemes, working-life accounts, and the Kempten plant closure. It also is taking impairments at Siltronic and Wacker Silicones worth 55 million euros. In total, its loss before interest and tax will widen to 60 million euros from 13.6 million euros in the prior-year quarter.

NEC Electronics loss narrows but sales slip

(2:52 AM ET) HONG KONG (MarketWatch) - NEC Electronics Corp.(JP:6723)
NELT
said Wednesday its net loss for the October-December quarter narrowed to 14.3 billion yen ($160 million), or 115.53 yen a share, compared to a net loss of 20.2 billion yen, or 163.56 yen a share in the year-earlier period. Revenue for the quarter, however, slumped to 117.9 billion yen, from 128.5 billion yen. The semiconductor maker also said it expects a net loss of 59 billion yen on revenue of 462 billion yen for the full fiscal year ending in March, an outlook unchanged from its previous forecast, according to Dow Jones Newswires.

Johnson Matthey sees start of recovery

(2:41 AM ET) LONDON (MarketWatch) -- Advanced materials group Johnson Matthey(UK:JMAT)said Wednesday that it had seen the beginnings of recovery in many of its key markets in the last three months of 2009. Sales for the fiscal third quarter excluding precious metals were 9% ahead of a year earlier and underlying pretax profit was up 20% as the company said it continued to benefit from reduced interest costs due to low borrowings and lower interest rates. Overall, Johnson Matthey said adjusted pretax profit for the full year is now expected to be slightly ahead of the current market consensus of 242 million pounds ($391 million).

BBVA 4Q net profit drops 94% to 31 million euros

(2:36 AM ET) MADRID (MarketWatch) -- Spanish banking giant BBVA
BBVA, -2.03%
(ES:BBVA)on Wednesday reported a 94% drop in net profit for the fourth quarter to 31 million euros ($43.5 million), against 519 million euros in the year ago period. Analysts polled by Dow Jones Newswires were forecasting net profit of 1.07 billion euros. The bank booked 1.79 billion euros in provisions for the quarter, more than double the 859 million euros of provisions in the year ago period. Bad loans as a proportion of total lending climbed to 4.3% from 2.3% a year ago. Net interest income for the group was 3.59 billion euros, against 3.1 billion euros in the year-ago period. The bank had a core capital ratio of 8% compared with 6.2% a year ago.

Canon profit beats forecast, strong 2010 expected

(2:35 AM ET) TOKYO (MarketWatch) -- Canon Inc.(JP:7751)
CAJ, -0.53%
reported Wednesday a fourth-quarter net profit that beat market expectations on strong demand for digital cameras, and said it expects to see a climb in net profits for 2010. The world's biggest maker of digital cameras saw a net profit 61.56 billion yen ($687 million) for the October-December quarter, a more than five-fold increase from 11.62 billion yen the same time a year ago. However, revenue was down 4.1% at 954.1 billion yen. The market had been looking for a net profit of 47.31 billion yen and revenue of 907.42 billion yen, according to the latest mean estimates of brokers surveyed by Thomson Reuters. For the fiscal year, Canon reported a net profit of 131.65 billion yen, a drop of 57% from the previous year but above the 110 billion yen profit the company forecast. It expects 2010's net profit to rise to 200 billion yen and revenue to climb to 3.45 trillion yen, according to Dow Jones Newswires. Ahead of the news, shares of Canon fell 2.8% in Tokyo.

SAP AG's fourth-quarter net profit down 12%

(2:07 AM ET) FRANKFURT (MarketWatch) -- German software giant SAP AG
SAP, +0.27%
(DE:SAP)said Wednesday its fourth-quarter net income fell 12% to 727 million euros ($1.02 billion) from 830 million euros in the same period a year ago. Total revenue dropped 9% to 3.19 billion euros. Software and software-related service revenue fell 4% to 2.56 billion euros. SAP said it expects full-year 2010 software and software-related service revenue to increase in a range of 4% to 8% at constant currencies, from 8.2 billion euros in 2009. SAP also expects its 2010 operating margin to be in a range of 30% to 31% compared with 27.4% last year. "As a result of a very difficult and unstable market environment that began in the third quarter of 2008 and then continued into 2009, we rapidly put into place a plan to reduce operating expenses in order to protect our operating margin," said Werner Brandt, CFO of SAP.

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